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Article
Publication date: 16 October 2018

Wenxiong Lin, Huagang Liu, Haizhou Huang, Jianhong Huang, Kaiming Ruan, Zixiong Lin, Hongchun Wu, Zhi Zhang, Jinming Chen, Jinhui Li, Yan Ge, Jie Zhong, Lixin Wu and Jie Liu

The purpose of this paper is to explore the possibility of an enhanced continuous liquid interface production (CLIP) with a porous track-etched membrane as the…

Abstract

Purpose

The purpose of this paper is to explore the possibility of an enhanced continuous liquid interface production (CLIP) with a porous track-etched membrane as the oxygen-permeable window, which is prepared by irradiating polyethylene terephthalate membranes with accelerated heavy ions.

Design/methodology/approach

Experimental approaches are carried out to characterize printing parameters of resins with different photo-initiator concentrations by a photo-polymerization matrix, to experimentally observe and theoretically fit the oxygen inhibition layer thickness during printing under conditions of pure oxygen and air, respectively, and to demonstrate the enhanced CLIP processes by using pure oxygen and air, respectively.

Findings

Owing to the high permeability of track-etched membrane, CLIP process is demonstrated with printing speed up to 800 mm/h in the condition of pure oxygen, which matches well with the theoretically predicted maximum printing speed at difference light expose. Making a trade-off between printing speed and surface quality, maximum printing speed of 470 mm/h is also obtained even using air. As the oxygen inhibition layer created by air is thinner than that by pure oxygen, maximum speed cannot be simply increased by intensifying the light exposure as the case with pure oxygen.

Originality/value

CLIP process is capable of building objects continuously instead of the traditional layer-by-layer manner, which enables tens of times improvement in printing speed. This work presents an enhanced CLIP process by first using a porous track-etched membrane to serve as the oxygen permeable window, in which a record printing speed up to 800 mm/h using pure oxygen is demonstrated. Owing to the high permeability of track-etched membrane, continuous process at a speed of 470 mm/h is also achieved even using air instead of pure oxygen, which is of significance for a compact robust high-speed 3D printer.

Details

Rapid Prototyping Journal, vol. 25 no. 1
Type: Research Article
ISSN: 1355-2546

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Article
Publication date: 3 August 2015

Lixin Wu and Chonhong Li

The purpose of this paper is to provide a framework of replication pricing of derivatives and identify funding valuation adjustment (FVA) and credit valuation adjustments…

Abstract

Purpose

The purpose of this paper is to provide a framework of replication pricing of derivatives and identify funding valuation adjustment (FVA) and credit valuation adjustments (CVA) as price components.

Design/methodology/approach

The authors propose the notion of bilateral replication pricing. In the absence of funding cost, it reduces to unilateral replication pricing. The absence of funding costs, it introduces bid–ask spreads.

Findings

The valuation of CVA can be separated from that of FVA, so-called split up. There may be interdependence between FVA and the derivatives value, which then requires a recursive procedure for their numerical solution.

Research limitations/implications

The authors have assume deterministic interest rates, constant CDS rates and loss rates for the CDS. The authors have also not dealt with re-hypothecation risks.

Practical implications

The results of this paper allow user to identify CVA and FVA, and mark to market their derivatives trades according to the recent market standards.

Originality/value

For the first time, a line between the risk-neutral pricing measure and the funding risk premiums is drawn. Also, the notion of bilateral replication pricing extends the unilateral replication pricing.

Details

Studies in Economics and Finance, vol. 32 no. 3
Type: Research Article
ISSN: 1086-7376

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Book part
Publication date: 5 July 2012

Lixin Wu

In this chapter, we define the “inflation forward rates” based on arbitrage arguments and develop a dynamic model for the term structure of inflation forward rates. This…

Abstract

In this chapter, we define the “inflation forward rates” based on arbitrage arguments and develop a dynamic model for the term structure of inflation forward rates. This new model can serve as a framework for specific no-arbitrage models, including the popular practitioners’ market model and all models based on “foreign currency analogy.” With our rebuilt market model, we can price inflation caplets, floorlets, and swaptions with the Black formula for displaced-diffusion processes, and thus can quote these derivatives using “implied Black's volatilities.” The rebuilt market model also serves as a proper platform for developing models to manage volatility smile risks.

Through this chapter, we hope to correct two major flaws in existing models or with the current practices. First, a consumer price index has no volatility, so models based on the diffusion of the index are essentially wrong. Second, the differentiation of models based on zero-coupon inflation-indexed swaps and models based on year-on-year inflation-indexed swaps is unnecessary, and the use of “convexity adjustment,” a common practice to bridge models that are based on the two kinds of swaps, is redundant.

Details

Derivative Securities Pricing and Modelling
Type: Book
ISBN: 978-1-78052-616-4

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Book part
Publication date: 5 July 2012

Abstract

Details

Derivative Securities Pricing and Modelling
Type: Book
ISBN: 978-1-78052-616-4

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Article
Publication date: 31 August 2021

Lixin Liu, Justin Zuopeng Zhang, Wu He and Wenzhuo Li

Risks resulted from asymmetric information have become crucial barriers for commercial banks to implement supply chain finance (SCF) – mainly the inventory pledge…

Abstract

Purpose

Risks resulted from asymmetric information have become crucial barriers for commercial banks to implement supply chain finance (SCF) – mainly the inventory pledge financing (IPF). At the same time, online financial service providers (OFSPs) are emerging as strong competitors in the SCF market. As a result, commercial banks need to update their traditional SCF business models and alleviate their over-dependence on OFSPs.

Design/methodology/approach

The authors employ a multi-case-study method to investigate how the Internet of things (IoT) and blockchain technologies can be jointly leveraged to mitigate SCF risks. In-depth interviews were conducted to depict the business models and their novel ecosystem to reinforce traditional banks' ability in SCF services.

Findings

From the perspective of information asymmetry, the authors categorize IPF risks into three groups based on the principal-agent theory: collateral, warehousing and liquidity risk. The findings suggest that IoT can primarily improve traditional banks' information acquisition ability, and blockchain can facilitate credible information transformation, enabling banks to acquire knowledge from collaterals. Besides, the e-platform in the new architecture increases banks' involvement in the supply chain and builds a fair network to curtail warehousing risks. The employment of smart contracts and collaborative mechanism ensure process and outcome control in mitigating liquidity risks.

Originality/value

The research contributes to the literature by confirming the role of emerging technologies in reducing information asymmetry risks. Besides, the findings provide valuable insights for practitioners to promote effective practices and approaches in IPF.

Details

Journal of Enterprise Information Management, vol. 34 no. 5
Type: Research Article
ISSN: 1741-0398

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Article
Publication date: 10 March 2021

Xiaoxuan Qin and Lixin Qu

As one natural fiber, yak cashmere has been used more and more widely on textile processing due to its excellent warmth retention property. Yarn spinning is the first and…

Abstract

Purpose

As one natural fiber, yak cashmere has been used more and more widely on textile processing due to its excellent warmth retention property. Yarn spinning is the first and the most important step of textile processing. Yarn spinning is closely related to the fiber properties. That is, for giving the optimization spinning process of one new fiber, the properties of the new fiber should be studied firstly. Meanwhile, during the studying of the properties of the new fiber, comparative analysis method was usually used. That is, the property of the new fiber was common comparatively analyzed with other fibers. During the comparative analysis, the spinning process can be optimized. Therefore, in the paper, the properties of the yak cashmere were studied in detail and comparatively analyzed.

Design/methodology/approach

The brown yak cashmere, cyan yak cashmere, white cashmere fiber, purple cashmere fiber, cyan cashmere fiber, camel hair fiber and mohair fiber, were chosen as the samples. The fiber length, fineness, strength, curls, moisture regain, mass specific resistance, surface morphology, infrared spectrum, melting behavior, thermal weight loss, friction, x-ray, were tested and comparatively analyzed.

Findings

It is shown that the compositions of yak cashmere and cashmere are similar, and makes the physical properties of yak cashmere and cashmere fiber similar. Comparing with the mohair, camel hair and cashmere fiber, the average length of yak cashmere is smaller and the dispersion of length distribution is larger, and the dispersion of yak cashmere strength is larger, which makes the yarn spinning of yak cashmere difficult, especially the high count pure yarn. However, comparing with the mohair, camel hair and cashmere fiber, the friction coefficient and friction effect of yak cashmere is larger, and yak cashmere fiber has relatively less curls and larger crimp rate and crimp recovery rate, and can improve the fiber spinnability.

Originality/value

In the paper, taking the brown yak cashmere, cyan yak cashmere, white cashmere fiber, purple cashmere fiber, cyan cashmere fiber, camel hair fiber, mohair fibers as the samples, the properties of the yak cashmere were studied in detail. The fiber length, fineness, strength, curls, moisture regain, mass specific resistance, surface morphology, infrared spectrum, melting behavior, thermal weight loss, friction, x-ray, were tested and comparatively analyzed. The studies can establish foundation for the optimization of the yak cashmere spinning process, and also can provide information for the end uses of the fiber.

Details

International Journal of Clothing Science and Technology, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0955-6222

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Article
Publication date: 29 April 2021

Fatao Wang, Di Wu, Hongxin Yu, Huaxia Shen and Yuanjun Zhao

Based on the typical service supply chain (SSC) structure, the authors construct the model of e-tailing SSC to explore the coordination relationship in the supply chain…

Abstract

Purpose

Based on the typical service supply chain (SSC) structure, the authors construct the model of e-tailing SSC to explore the coordination relationship in the supply chain, and big data analysis provides realistic possibilities for the creation of coordination mechanisms.

Design/methodology/approach

At the present stage, the e-commerce companies have not yet established a mature SSC system and have not achieved good synergy with other members of the supply chain, the shortage of goods and the greater pressure of express logistics companies coexist. In the case of uncertain online shopping market demand, the authors employ newsboy model, applied in the operations research, to analyze the synergistic mechanism of SSC model.

Findings

By analyzing the e-tailing SSC coordination mechanism and adjusting relevant parameters, the authors find that the synergy mechanism can be implemented and optimized. Through numerical example analysis, the authors confirmed the feasibility of the above analysis.

Originality/value

Big data analysis provides a kind of reality for the establishment of online SSC coordination mechanism. The establishment of an online supply chain coordination mechanism can effectively promote the efficient allocation of supplies and better meet consumers' needs.

Details

Journal of Enterprise Information Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-0398

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Article
Publication date: 14 June 2021

Jie She, Tao Zhang, Qun Chen, Jianzhang Zhang, Weiguo Fan, Hongwei Wang and Qingqing Chang

Following the hierarchy-of-effects model, this study aims to propose a two-step process framework to investigate social media post efficacy via attraction and likes.

Abstract

Purpose

Following the hierarchy-of-effects model, this study aims to propose a two-step process framework to investigate social media post efficacy via attraction and likes.

Design/methodology/approach

The study analyzes 113,785 social media posts from 126 WeChat official accounts to explore how external (headline features and account type) and internal (content features and media type) features impact social media post attractions and likes, respectively.

Findings

The antecedents of post attraction differ from those of post likes. First, headline features (punctuation, length, sentiment and lexical density) and account type significantly influence social media post attraction. Second, content features (depth, tone, domain specificity, lexical density and readability) and media type affect social media post likes.

Originality/value

First, this study considers online user engagement as a two-step process regarding social media posts and explores different influencing factors. Second, the study constructs new variables (account type and domain specificity) in each stage of the two-step process model.

Details

Internet Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1066-2243

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Article
Publication date: 1 September 2016

Haiqing Hu and Tian Wu

Strengthening the combination of technology and finance can significantly promote the development of economy and society. Urbanization is a crucial standard to measure the…

Abstract

Strengthening the combination of technology and finance can significantly promote the development of economy and society. Urbanization is a crucial standard to measure the economic and social development of a country and region, and urban regional planning based on science and technology finance has always been the focus of both domestic and foreign research institutions. Thus, this paper takes Mianyang, the first city of science and technology, as the object of research, and from the angle of the development process of Mianyang, investigates the three stages of the construction and development of this science and technology city. This study analyzes the characteristics of regional planning of Mianyang City and sums up the idea of relying on the old city to build another new district, which boosts the development of science and technology as well as the economy. From two specific angles (i.e., urban spatial function region planning and urban and rural planning), this paper thoroughly studies a multiscale planning scheme of Mianyang’s urban area in recent years by researching the local policy, system, finance, and society. Empirical measurement proves that reasonable planning and construction of the science and technology city Mianyang can accelerate the development process of the western region, effectively promoting the economic development of the surrounding areas of Sichuan and remarkably improving the overall quality of the regional economy of both Chongqing and Sichuan Provinces.

Details

Open House International, vol. 41 no. 3
Type: Research Article
ISSN: 0168-2601

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Article
Publication date: 23 April 2020

Jianjun Jia, Lili Shao, Zhenzhen Sun and Fang Zhao

This paper assesses how discretionary accruals (DAs) affect corporate cash savings policies and the motivation behind this cash saving behavior and, also whether the…

Abstract

Purpose

This paper assesses how discretionary accruals (DAs) affect corporate cash savings policies and the motivation behind this cash saving behavior and, also whether the linkage between DAs and cash saving affect the market-perceived cash value.

Design/methodology/approach

We construct the measure of DAs using the previous five-year average information to investigate the association of DAs with the change in cash. Moreover, the Faulkender and Wang (2006) methodology is utilized to examine the market-perceived cash value in DAs.

Findings

The key finding is that firms with high DAs save significantly more cash. A one standard deviation increase in DAs saves cash by 12.59%. Furthermore, the value of cash is low for these firms. The effect is stronger in firms with poor governance but not present in financially constrained firms.

Research limitations/implications

The empirical evidence highlights DAs have negative effect on market-perceived cash value, which underscores the insight that managers manage earnings opportunistically using DAs.

Originality/value

Taken together, we provide more evidence on the literature of accruals in earnings manipulation.

Details

China Finance Review International, vol. 10 no. 4
Type: Research Article
ISSN: 2044-1398

Keywords

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